Theft and vandalism
Your home insurance policy protects you in case of theft or vandalism. However, your insurer will indemnify you according to your policy coverage amount.
Did you know that certain stolen items like bicycles, jewellery, works of art or wine are often subject to maximum reimbursement limits? Your insurer will therefore factor in this limit ( and ) when reimbursing certain categories of items.
Replacing destroyed or damaged items
First, your home insurer will repair damaged items that can be repaired.
If items must be replaced, your insurer will replace them with new items of the same type and quality if you chose this settlement option when you purchased your policy. If not, your insurer will indemnify you based on their actual cash value.
Your insurer’s obligation
Your home insurer is required to return your belongings to the state they were in prior to the loss. If your 20” TV was stolen, your insurer will reimburse you for a TV of the same size.
Your insurer also has to pay you for the damage within 60 days of receiving your claim or any information or supporting documents it may request.
Theft off the premises
Was your hockey equipment stolen from your car? Depending on the coverage you chose, you’re covered under your home insurance policy, but there could be a limit: 10% of the total personal property coverage. In other words, if the coverage for your personal property is $50,000, the maximum you can claim is $5,000 for items stolen off the premises.
Choosing a supplier
You can use a supplier or contractor of your choice to repair or replace an item. However, discuss it first with your insurer so that you can agree on the amounts paid.
And remember: you’ll have to deduct the amount of your policy deductible from the indemnity amount you receive from your insurer for each claim you make.